Why we selected it: A proposed gold company with Karara Gold would combine adjoining tenements, secure separate exploration funding and retain equity exposure for MineFinder.
100% MineFinder-owned Olympus combines high-grade historical gold workings with a larger sediment-hosted gold model. Discussions with Karara Gold aim to combine adjoining tenements in a separately funded explorer, with MineFinder retaining equity.
Do the high-grade reefs sit within broader sulphide-bearing or stockwork gold mineralisation, and do favourable host rocks and structures repeat at depth?
207 g/t gold from a historical underground pillar at KC; selected mine-waste samples of 87.2 g/t at Wild Scotchman, 58.7 g/t at KC and 8.99 g/t at Mountain Maid.
Agree the proposed structure and funding plan with Karara Gold. Integrate historical data and refine bedrock targets to support a separately funded gold company, with the spin-out targeted from Q2 2027.
100% MineFinder. Proposed separately funded gold company with Karara Gold, with MineFinder retaining equity. An in-specie share distribution is under consideration, subject to final terms and approvals.
Regional setting
The Warwick–Texas goldfield discussion provides regional context for Olympus, whose geological model still requires project-specific testing.
Historical underground sampling and selected specimens from mine-waste heaps provide specific locations for follow-up.
Selected historical gold results
Prospect
Gold (g/t)
Sample type
Sample record
KC
207
Historical underground pillar sample
Mine record cited in the 2021 geological review
Wild Scotchman
87.2
Selected mine-waste sample
F95/14 · quartz vein
KC
58.7
Selected mine-waste sample
F17/14 · quartz vein
Glendon
9.54
Selected mine-waste sample
2016 register, sample 150 · quartz vein
Mountain Maid
8.99
Selected mine-waste sample
F37/14 · sheared fault rock
Grades describe the selected material sampled. They are separate from drill intersections, continuous sampling intervals and average deposit grades.
GEOLOGICAL INTERPRETATION
Why Sukhoi Log and Muruntau matter for Olympus
Olympus offers a specific exploration opportunity: test whether its historical high-grade reefs are part of a much larger gold system in the surrounding sedimentary rocks. The combination of black slate and shale, folds, faults, quartz veins and sulphides provides the basis for comparison with Sukhoi Log and Muruntau.
The 2022 exploration reports explicitly identify both deposits as target models. Their relevance is geological: they show how gold can occur across favourable host rocks and structures, with high-grade veins forming part of a broader mineralised system.
Geological analogues and their reported gold resources
Deposit
Reported gold resources
Geological comparison
Sukhoi LogRussia
81 million ouncesTotal Measured, Indicated and Inferred Mineral Resources at 31 December 2024.Polyus resource statement ↗
Gold associated with pyritic sedimentary rocks, folded veins and an overturned anticline.
Muruntau–MyutenbayUzbekistan
90.5 million ouncesCombined deposit: 76.3 million ounces Measured and Indicated, plus 14.2 million ounces Inferred. Reported in April 2026.NMMC April 2026 presentation, page 5 ↗
Muruntau provides a comparison for structurally controlled veins and stockworks in altered sedimentary rocks.
These figures describe the analogue deposits; they are not a resource estimate or a prediction of deposit size at Olympus.
Sukhoi Log: folded, pyritic sedimentary rocks
At Sukhoi Log, gold occurs in organic-rich, pyritic shale and siltstone folded into a tight overturned anticline. Gold occurs in both disseminated pyrite and folded pyrite–quartz veinlets. Published research describes several stages of gold concentration and redistribution during sediment burial, metamorphism and deformation.
Comparable host-rock setting. Mountain Maid and Madam Ross occur in black slate and sandstone. Telegraph has pyritic, silicified black shale and sandstone. These observations support testing the sedimentary host rocks themselves for gold, including material between the quartz reefs.
Fold structures to follow. Historical mapping places Mountain Maid and Madam Ross on separate interpreted anticlines, approximately 3 km apart. Fold hinges and repeated favourable beds are specific positions to investigate beneath the workings.
A sulphide-bearing system at depth. Telegraph records describe abundant arsenopyrite and a pyritic reef at approximately 18 metres depth. This provides a direct reason to examine fresh sulphidic rock and determine how much gold occurs within or alongside the sulphides.
The Sukhoi Log model directs exploration towards folded, sulphidic host units and their continuity. Mineralogical work would measure carbon and sulphide content and establish how gold is distributed among the minerals.
Muruntau: gold-bearing veins within a broader altered rock system
At Muruntau, gold-bearing quartz–sulphide veins and stockworks cut altered sedimentary rocks near major faults and folds. Gold is associated with pyrite and arsenopyrite. The mineral system includes both high-grade veins and networks of smaller veins within altered host rock.
Multiple veins and altered wall rock. Mountain Maid is described as a multiple-vein system in fractured, carbonate-altered sandstone. Telegraph contains quartz-veined, silicified sandstone and black shale. These are useful starting points for testing a broader volume of mineralised rock around the known reefs.
Gold in sheared fault rock. A selected historical mine-waste sample from Mountain Maid returned 8.99 g/t gold from fine-grained sheared fault rock (F37/14). This identifies gold-bearing material beyond the quartz-reef specimens and gives a specific target for representative sampling of the surrounding rock.
Structures with substantial mapped extent. Historical workings extend for at least 650 m at Mountain Maid and 750 m at Madam Ross. These lengths describe the workings and provide a framework for testing veins, fractures and altered rocks along strike and at depth.
The Muruntau model directs exploration towards the density and distribution of veins, the width of altered rock and the intersections of faults and folds. The key question is whether the known reefs form part of a broader stockwork or disseminated gold system.
The opportunity beneath and around the old mines
MineFinder is bringing the historical mine geometry, assays and geological observations together to select tests of the larger system. Mapping will trace folds, faults and alteration. Representative sampling will cover both veins and host rocks. Mineralogical studies will identify the gold-bearing minerals, and drilling will test width, grade and continuity beneath the workings.
The exploration opportunity beneath the workings. The model shows how gold-bearing fractures may extend from shallow historical workings into deeper primary mineralisation. Mapping and drilling will test these structural connections. Conceptual model; not to scale. View full-size image ↗Current tenure and historical sample locations. EPM 25786 and EPM 25788 total approximately 259.6 km². Both are recorded as granted; renewal is lodged for EPM 25788. Sample points use the April 2016 register coordinates. The KC point locates the 58.7 g/t mine-waste sample. View full-size map ↗Visible gold in quartz, Glendon area. Historical field photograph of a quartz-vein specimen from mine waste at Mt Robinson. The photograph illustrates the mineralisation; no assay is assigned to this specimen.View Olympus tenure →
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Discuss valuation, use of funds, project priorities and investment terms.
KC pillar result: historical underground sampling cited in the February 2021 geological review. Selected mine-waste results: original geological compilation, Table 1, and April 2016 sample register. These samples identify gold-bearing material at the stated locations. The Mountain Maid and Madam Ross dimensions describe extents of historical workings.
Tenure: Queensland Government current resource-authority polygons, retrieved 10 October 2026. Area is the sum of the two mapped permit polygons. Sample coordinates: GDA94 / MGA zone 56. Photograph: original geological compilation, Plate 2.
